The month of March could be worst in many years, with imports estimated only around 18 tonnes amid the coronavirus pandemic and the nationwide lockdown, said an industry player. The import in March 2019 was 72.5 tonnes, according to the GFMS data.
In a high interest rate regime when all banks are offering loans at a lofty price, rates for loans against gold continues to be cheaper.
Silver too advanced by Rs 100 to 38,700 per kg.
After surging to Rs 16,220 level in September, gold prices slightly eased at a time when festival and marriage season is about to pick up.
Traders said some buying activity by jewellers and retailers mainly kept gold prices steady.
The government raised import tariff value on gold to $385 per 10 grams.
Silver, however, held steady at Rs 44,900 per kg in restricted buying activity from industrial units and coin makers.
Silver also turned weak and dropped by Rs 350 to Rs 41,200 per kg on reduced offtake by industrial units and coin makers.
The precious metal had gained Rs 435 in the previous three sessions.
Risk-averse investors can hold up to 10 per cent of their portfolio in gold, while aggressive ones can keep five per cent.
Gold prices fell further by Rs 75 to Rs 27,025 per ten gram at bullion market in New Delhi on subdued demand even as the metal strengthened overseas.
Officials were surprised at how quickly smugglers appraised the Covid situation to recruit jobless migrant workers to ship gold.
Traders said besides low demand from jewellers and retailers, a weakening global trend -- amid the US employment data and strengthening dollar reducing appeal for the precious metals -- kept pressure on gold prices.
Gold, which was hovering around $1,321 an ounce in January 2019, has already breached $1,600 per ounce in the past few sessions to a seven-year high.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
.jpg)
Returns on godl have depleted in past few years,
Globally, gold climbed $12.10, or 1 per cent, to $1,220.40 an ounce.
The new Samvat 2080 is viewed as a year of hope for industrial and precious metals. A key reason is the expectation of US interest rates peaking, followed by a reduction in the coming months. Regarding crude oil, its trajectory depends more on how the situation unfolds in West Asia.
Any shift in investor sentiment may result in speculators fleeing the gold market, driving its price down sharply, quickly. One significant risk for gold is a near-term reversal in the dollar, which recently fell to a two-year low.
Gold prices are again moving up after a downward slide. But will this upward movement sustain? More importantly, should you buy more of the yellow metal now? Here's the answer.
The government on Tuesday hiked the import tariff value on gold to $388 per 10 grams and that on silver to $487 per kg taking cues from global market.
The government on Friday slashed the import tariff value on gold and silver to $405 per ten gram and $642 per kg, respectively, in line with global trends.
Prices rose further on the bullion market in Mumbai on Tuesday as silver hardened smartly on heavy stockists' demand and gold closed higher in line with firm overseas advises.
Silver regained the Rs 35,000 per kg mark by gaining Rs 660.
In London, gold prices eased today, as the euro ran into profit-taking and stock markets dipped.
The best part is that an investor gets price appreciation and earns interest income as well, which is unique only to sovereign gold bond.
The gold prices surpassed all previous records as they spurted by Rs 145 to Rs 19,470 per ten grams, on increased buying by jewellers and retailers to accomodate the seasonal demand for upcoming festival and marriage season beginning next month.
Silver was also up by 1.63 per cent to $15.92 an ounce.
This was because of the closure of retail shops and factories after the nationwide lockdown was imposed to prevent spread of Covid-19, and a sharp increase in the metal's price.
Traders attributed the recovery in gold prices to fresh buying by jewellers to meet festive season demand and a firming global trend as investors weighed tension over Ukraine.
Globally, gold lost 0.8 per cent to $1,154.60 an ounce.
Amid volatility in equity markets, gold prices may touch a record level of Rs 20,000 per 10 grams in the near future with traders preferring to park their money in safe havens such as the precious metal, analysts said.
Jeweller and importers were awaiting the correction to stock the yellow metal for upcoming marriage season.
Traders said revival of buying by retailers at existing lower levels led the marginal recovery in gold prices.
Silver also rebounded by Rs 450 to Rs 38,100 per kg
.jpg)
Silver also recorded a significant rise of Rs 950 to Rs 38,750 per kg.
Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
Gold exchange-traded funds are back in the limelight. After a dull three-month period, a sudden slump in the US stock market last week has investors flocking to buy gold. In the past one week alone, gold prices have increased nearly 15 per cent in the international market.
Gold in London, which normally sets price trend on the domestic front, fell 0.6 per cent to $1,311.65 an ounce.
